Applied Digital Corporation $APLD Shares Sold by MRA Advisory Group

MRA Advisory Group decreased its holdings in shares of Applied Digital Corporation (NASDAQ:APLD) by 69.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 16,320 shares of the company’s stock after selling 37,171 shares during the period. MRA Advisory Group’s holdings in Applied Digital were worth $609,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cannon Capital Management Inc. acquired a new position in Applied Digital during the 4th quarter valued at approximately $3,635,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Applied Digital during the fourth quarter worth $2,674,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of Applied Digital during the fourth quarter worth $1,284,000. M&T Bank Corp purchased a new stake in shares of Applied Digital during the fourth quarter valued at $2,232,000. Finally, TFR Capital LLC. purchased a new stake in shares of Applied Digital during the fourth quarter valued at $1,741,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Price Performance

Shares of APLD opened at $29.22 on Friday. The business’s 50-day moving average is $35.48 and its two-hundred day moving average is $34.10. The company has a market capitalization of $8.52 billion, a P/E ratio of -32.83 and a beta of 5.75. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01. Applied Digital Corporation has a fifty-two week low of $13.16 and a fifty-two week high of $50.72.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The company had revenue of $240.35 million for the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The business’s quarterly revenue was up 406.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.24) EPS. Research analysts predict that Applied Digital Corporation will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the sale, the director directly owned 133,378 shares of the company’s stock, valued at $4,154,724.70. This trade represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of research analyst reports. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Monday. Wall Street Zen downgraded Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Saturday. Craig Hallum increased their price objective on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Northland Securities set a $82.00 price objective on Applied Digital and gave the company an “outperform” rating in a report on Wednesday, June 17th. Finally, Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.15.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.